Willlow Creek Partners buys Verdae apartments for $19M

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Graycliff Capital Partners LLC in June announced the sale of Azalea Hill Apartment Homes for $19 million. Located off Verdae Boulevard, Azalea Hill offers views of the Verdae Golf Course and easy access to major employers and retail.

Willow Creek Partners LLC purchased the 160-unit development, which was constructed in 1997 and purchased for $9.1 million by Graycliff in 2013.

“Azalea Hill represented high value to its residents, with affordable rents and a strong location,” said Paul M. Aiesi, Graycliff principal. “Graycliff carefully improved the amenities and units to complement the location, while still offering rents at a lower price point than competitor Verdae apartments.”

A mix of studio, one-bedroom, and two-bedroom floorplans are available at Azalea Hill. Through Graycliff’s strategic value-add program, improvements were made to the clubhouse and dog park, and the units’ interiors were upgraded with new lighting and hardware.

Headquartered in Greenville, Graycliff owns 22 multifamily apartment and senior housing rental communities in nine states and owns six communities in the Upstate.

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